Alliance Boots has consolidated several pension schemes into a single group personal pension (GPP) called WorkSave.
The consolidation follows the 2006 merger of Alliance UniChem and Boots Group.
The new GPP, provided by Legal and General, enables employees to transfer from the firm’s closed defined benefit (DB) and defined contribution (DC) pension plans into a single scheme that offers increased flexibility and a wider fund choice, while reducing overall charges.
All employees received an explanatory pack outlining the changes together with a tailored educational module, which they could log on to via a bespoke website.
Employees were also invited to a regional briefing delivered by Legal and General. In total, more than 100 presentations were delivered at over 90 locations during a three-week period in June.
Neil Parfrey, group director of pensions at Alliance Boots, said; “We wanted to consolidate company pensions across Alliance Boots in the UK into a single scheme that would be market competitive as well as fair and equitable for all.
“By introducing the WorkSave pension, we have created a more flexible benefits structure where our employees have more opportunities to boost their retirement savings.
“The take up by employees transferring into the WorkSave pension from our various pension plans has been very enthusiastic.”
Helen Buchanan, distribution director, Workplace Savings at Legal and General, added: “Ensuring staff clearly understand any proposed change is paramount to the success of the enrolment process.
“Our job is to make sure that happens effectively so the people that matter, the employees, are able to make the right choices. We are delighted to have been chosen by Alliance Boots to provide their UK employee pension scheme.”
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